Fulham Shore reopens majority of sites, sales on the rise
By Iain Gilbert
Date: Thursday 06 Aug 2020
(Sharecast News) - Franco Manca owner Fulham Shore said on Thursday that the majority of its sites had now reopened, with sales rising week-on-week since 4 July.
Fulham Shore said its sites were capable of operating at roughly 60-70% of their previous dine-in capacity due to social distancing requirements. However, it noted this had been somewhat offset by an increase in delivery and takeaway orders.
"Trading at the group's re-opened restaurants has started gradually, and the early signs in both businesses are promising," said the firm.
"In the four weeks since 6 July 2020, like-for-like restaurant sales at reopened sites were approximately 72% of the equivalent weeks in the previous year."
The AIM-listed group also stated it had implemented "effective cost-saving measures" such as rent reductions, deferrals and waivers with many landlords as part of an effort to weather the Covid-19 storm.
Fulham Shore also launched a £2.25m fundraiser at a price of 6.25p per share and announced that it had agreed to a new £25.75m revolving credit facility in order to position the group on "a sound financial footing" and enable it to continue its policy of best value menu pricing and provide substantial headroom over current net debt.
As of 1300 BST, Fulham shares had shot up 11.02% to 6.80p.
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